The National Foreclosure Settlement recently took place between the U.S. Department of Justice and several of the nation's major mortgage providers (Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Bank, formerly GMAC). The $25 billion payment intends to mend the damage done to homeowners as a result of fraudulent practices that led to a nationwide foreclosure crisis. The funding will largely be used for direct relief to those who lost their homes, as well as foreclosure prevention and community revitalization efforts.
Illinois Attorney General Lisa Madigan recently announced the Illinois agencies awarded community revitalization and housing counseling as part of the overall settlement, including a $50,000 award to CSH. CSH is one of 13 organizations selected as experts in the field and tasked with providing data, data analysis, and other types of support to the 40 plus agencies. CSH will create curriculum and provide training for redevelopment teams on topics related to incorporating supportive housing for vulnerable populations into community housing plans.
Set up to complement other foreclosure response efforts, the housing counseling and community revitalization awards granted by the IL Attorney General will diminish the negative impacts of the housing crisis with long term, sustainable housing strategies. CSH is proud to be a part of this effort.